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Tag: National Bureau of Statistics (NBS)

  • Int’l passengers travelling to, from Nigeria reduces by 2.5 % in 2016 – NBS

     

    The number of international passengers travelling to and from Nigeria declined in 2016 relative to 2015 by 2.5 per cent, the National Bureau of Statistics (NBS) has said.

    ”In a Fourth Quarter 2016 and Full Year 2016 Air Transportation Data released in Abuja, the NBS stated that year-on-year growth rate steadily declined throughout the year.

    It stated that it declined after recording growth of 5.2 per cent in the first quarter, declines of 1.7 per cent, 4.4 per cent and 8.2 per cent were recorded in the second, third and fourth quarters respectively.

    It, however, stated that the reduction was not enough to outweigh the increase in the number of domestic passengers, meaning that overall, total passenger numbers increased between 2015 and 2016 (when comparing same airports).

    “As with domestic travel, MMA in Lagos was the airport to account for the largest number of international travels.

    “Lagos and Abuja accounted for broadly similar shares of passengers, Lagos dominates international travel, and in 2016 accounted for 69.1 per cent of international travel.

    “This is perhaps unsurprising, given Lagos’s status as the business centre of Nigeria, and the location of the clear majority of foreign investment.

    “In the third quarter of 2016, 763,374 international passengers travelled through MMA, an increase of 6.0 per cent relative to the second quarter.”

    The report stated that in the final quarter the number of passengers travelling through MMA fell by 5.5 per cent to 721,181.

    “Despite these trends, the share of MMA airport moved in the opposite direction, falling to from 69.5 per cent in the second quarter to 64.7 per cent in the third, before rising again to 71.6 per cent in the final quarter, the highest share in the year.

    “Although the number of passengers travelling through MMA increased in the third quarter, there were large increases in several other airports.

    “Conversely, many international airports saw large falls in passenger numbers in the final quarter.

    “In both the third and final quarters, MMA airport recorded year on year decline in the number of international passengers, as with domestic passengers.

    “The airport recorded a year on reduction of 7.4 per cent, although the decline in the final quarter was less sharp at 6.7 per cent in the third quarter,” it stated.

    Meanwhile, the report stated that throughout 2016, cargo movement increased steadily, with increases of 7.7 per cent, 8.4 per cent and 10.4 per cent being recorded in the second, third and fourth quarter of 2016 respectively.

    Consequently, it stated that the total volume of cargo movement rose from 45,551,487 kilogrammes in the second quarter to 49,359,641 kilogrammes in the third, before rising again to 54,515,095 kilogramnes in the fourth quarter.

    “For 2016, the total volume of cargo movement was 191,738,000 kilogrammes.

    “This compares to 189,171,872 kilogrammes in 2015, representing a year-on-year increase of 1.4 per cent,” it stated.

     

  • Nigeria’s airports record 2.3% increase in domestic passengers – NBS

    The National Bureau of Statistics (NBS) has disclosed that Nigeria’s airports recorded an increase of 2.3 per cent in domestic passengers in 2015 and 2016.

    The NBS made this figure known in its Fourth Quarter 2016 and Full Year 2016 Air Transportation Data released in Abuja.

    The report, however, stated that the first and second halves of the year differed substantially.

    It stated that it differed substantially whereas year-on-year growth in domestic passenger, numbers of 9.7 per cent and 10.3 per cent were recorded in the first two quarters respectively.

    “Declines of 1.3 per cent and 8.2 per cent were recorded in the third and fourth quarters respectively.

    “The declines were due to their size, most of this decline was accounted for by Abuja, Lagos and Port Harcourt, and in both quarters, Abuja accounted for the largest fall.

    “Murtala Muhammed Airport (MMA) in Lagos remained the busiest domestic airport in the third and final quarters of 2016.

    “This airport accounted for 891,770 passengers in the third quarter and 909,851 passengers in the final quarter, which represented 33.3 per cent and 34.5 per cent respectively.’’

    According to the report, the share of domestic passengers accounted for by MMA remained broadly stable throughout 2016.

    “It remained stable in the year with the highest share recorded in the first quarter of 34.6 per cent, and the lowest recorded in the third quarter.

    “As with the overall number of domestic passengers, the number to travel though MMA declined relative to the corresponding values in 2015.

    “In the third quarter, MMA airport recorded a year-on-year decline of 7.3 per cent, compared to an overall decline in domestic passenger numbers of 1.3 per cent (when comparing same set of airports.

    “In the fourth, this fell slightly to a decline of 7.5 per cent, although this was a smaller contraction than in the overall fall of 8.2per cent.’’

    Similarly, it stated that the share of passengers accounted for by Abuja Airport, the second busiest airport in 2016, remained between 30 per cent and 31 per cent in each quarter of 2016.

    According to the report, the third and fourth quarters, there were 822,702 and 810,410 domestic passengers to travel through Abuja respectively.

    “In each quarter this was equivalent to 30.7 per cent of the total number, which is higher than the shares in the first and second quarter of 30.4 per cent and 30.2 per cent.

    “Abuja was the airport to record the largest year on year reduction in domestic passengers in absolute terms in each of the third and fourth quarters.’’

    In the third quarter of 2016, the report stated noted that there were 81,270 less domestic passengers to travel through than in the same quarter of 2015, a reduction of 9.0 per cent.

    It stated that in the fourth quarter, the year on year drop fell to 110,005, equivalent to a 12.0 per cent fall.

    “The third busiest domestic airport in 2016 was Port Harcourt, although the number of passengers fell throughout the year.

    Meanwhile, under the domestic aircraft movement, the report stated the shares of domestic flights accounted for by each airport were similar to the shares of passengers accounted for by each airport, as would be expected.

    However, it stated that aircraft departing from and flying to larger airports carried more people. Therefore, the share of aircraft accounted for airports such as Lagos and Abuja was smaller than their share of passengers.

    “During 2016, Lagos airport accounted for 34.2 per cent of domestic passengers, but only 27.5 per cent of domestic aircraft.

    “This is due to the average number of passengers on aircraft to and from Lagos being 61.1 per cent, more than 10 passengers higher than average.

    “Similarly, Abuja accounted for 30.5 per cent of passengers, accounting for 24.4 per cent of aircraft.’’

    In the third quarter of 2016, the report stated that Lagos recorded a fall in the number of aircraft.

    “It recorded a fall in aircraft relative to the second quarter, of 13.8 per cent, to reach 14,097, before rebounding in the final quarter, growing by 9.9 per cent to reach 15,491.

    Consequently, the report stated that its share fell to 26.5 per cent in the third quarter from 27.8 per cent in the second, before rebounding to 28.4 per cent in the final quarter.

    “Abuja also recorded a decline in domestic aircraft movement in the third quarter; 12,593 aircraft moved through Abuja’s domestic airport compared to 13,682 in the second quarter, a drop of 9.2 per cent.

    “However, growth in the amount of domestic aircraft movement in the final quarter was smaller than for Lagos, at 1.4 per cent, resulting in 12,764 domestic aircraft to leave and arrive in Abuja in the final quarter,’’ the report  stated.

     

  • Nigeria’s airports record 15.2m passengers in 2016 – NBS

    Nigeria’s airports record 15.2m passengers in 2016 – NBS

    The National Bureau of Statistics (NBS) has said that a total of 15,232, 597 passengers travelled through Nigeria’s airports in 2016.

    The NBS which disclosed this figure in a report on “Fourth Quarter 2016 and Full Year 2016 Air Transportation Data” released in Abuja, stated that 72 per cent were domestic passengers.

    The report stated that 72 per cent were domestic passengers, travelling within Nigeria, and the remaining 28 per cent were international, entering or leaving Nigeria.

    “Between 2015 and 2016 the number of passengers recorded by the Federal Aviation Authority of Nigeria (FAAN) has increased by 6.3 per cent.

    “However, since the publication of the last report, FAAN has included data on passengers travelling through more airports, including Bauchi, Eket, Gombe and Uyo.

    “Together, the newly included airports accounted for 667,877 passengers in 2016, or 4.4 per cent of the total.

    “Excluding these from the comparison with 2015, reveals that between these two years, total passenger traffic increased by 1.6 per cent for those airports included in both years,” NBS said.

    The report stated that in both the third and final quarters of 2016, there was a quarterly decline in the number of passengers travelling through Nigerian airports.

    It stated that between the second and third quarters, the number fell by 1.0 per cent, from 3,900,649 to 3,861,252.

    NBS, however, noted that in the final quarter, the fall was more pronounced; the number fell by 5.6 per cent to reach 3,644,844.

    “This contrasts with both 2015, in which the number of passengers increased slightly between the third and fourth quarters.

    “The number of passengers increased by 0.9 per cent in 2015 and 2014, in which there was growth of 5.9 per cent in the number of passengers between the same two quarters.

    “These totals hide differing trends in the total number of domestic and international passengers.

    “The number of domestic passengers fell between the second and third quarters by 6.4 per cent, from 2,864,072 to 2,681,693.”

    In the last quarter, the report stated that the number of passengers fell again by 1.6 per cent to reach 2,637,975.

    It stated that there was a large spike in international passengers in the third quarter.

    “The number increased by 13.8 per cent, from 1,036,577 to 1,179,559, before falling back by 14.6 per cent in the last quarter to reach 1,006,869.”

    It, however, stated that due to the small number of international passengers relative to domestic passengers, the latter had a larger impact on total movements in passenger numbers in the third quarter.

    “ In the fourth quarter this reversed, with the drop in international passenger numbers contributing 4.5 per cent points of the 5.6 per cent drop in total passengers, or roughly 80 per cent.

    “This spike in the third quarter for international travel may be part of a seasonal pattern: 2014 and 2015 also recorded spikes in the number of international travellers in the third quarter.”

    According to the report, throughout 2016, the performance of the different parts of the Nigerian Aviation sector varied.

    It stated that there were large increases in the volume of both cargo and mail, especially in the final quarter.

    “By contrast, most airports recorded a decline in the number of aircrafts to land and depart.

    “Output in the Air Transport Sector, as well as its contribution to Gross Domestic Product (GDP), declined in 2016.

    “During the year, several airlines had operational issues, and either cut back on services provided, or stopped operations entirely.”

    The further report stated that in real terms, the output in the sector declined by 4.9 per cent between 2015 and 2016, with the largest year on year fall recorded in the final quarter, of 13.3 per cent.

    “However, despite the recession which may have been expected to reduce demand for travel, the number of passengers using most airports increased.

    “The fall in output was likely to be more of a reflection of increased costs of operations, rather than decreased demand,” it stated.

  • Kerosene price decreases by 18.77% in February

    The National Bureau of Statistics (NBS) said that average price per litre paid by consumers for National Household Kerosene, decreased by 18.77 per cent month-on-month in February.

    The bureau announced this in a “National Household Kerosene Price Watch (February 2017)’’ released on Tuesday in Abuja.

    The report, however, stated that average price per litre paid by consumers increased by 31.34 per cent year-on-year to N352.42 in February, from N433.84 in January.

    It stated that the states with the highest average price per litre of kerosene were Lagos, which sold the product for N455; Ogun N425.44 and Ondo, which sold it for N424.07.

    “States with the lowest average price per litre of kerosene were Sokoto State, which sold for N295.24; Gombe, N291.67 and Katsina State, which sold for N286.11.

    Similarly, the report stated that average price per gallon paid by consumers for National Household Kerosene, decreased by 4.77 per cent month-on-month.

    It also stated that the price increased by 81.92 per cent year-on-year to N1, 366.08 in February, from N1, 434.44 in January.

    “States with the highest average price per gallon of kerosene were Yobe, which sold for N1,800.00; Kebbi N1,687.50 and Akwa Ibom, which sold for 1,636.36.

    “States with the lowest average price per litre of kerosene were Sokoto State, which sold for N1,114.29; Ebonyi, N1,080.00 and Anambra, N1,068.18.

    Meanwhile, Automotive Gas Oil (Diesel) Price Watch for February also released by NBS, stated that average price paid by consumers for diesel increased by 3.68 per cent month-on-month.

    The report stated that the product increased by 68.74 per cent year-on-year to N249.38 in February, from N240.52 in January.

    It stated that states with the highest average price of diesel were Adamawa, which sold the product for N280; Ebonyi, N272.5; Cross River and Borno, which sold the product for N271.

    Also, the report stated that states with the lowest average price of diesel were Oyo, which sold it for N226.67; Bauchi, N226 and Osun, N220.

  • ‘Inflation declines by 0.94% in February’

    The National Bureau of Statistics (NBS) on Tuesday said that inflation dropped by 0.94 per cent in February, the first time in 15 months.

    In its latest Consumer Price Index (CPI) for February released in Abuja, the bureau stated that the index, which measured inflation increased by 17.78 per cent year-on-year.

    It, however, stated that the increase was at a slower pace in February when compared to January consumer activities, which was 18.72 per cent.

    “This represents the first time in 15 months that the headline CPI has declined on year-on-year basis.

    “It represents the effects of slower rises in already high food and non-food prices and favourable base effects over 2016 prices.

    “Price increases were recorded in all Classification of Individual Consumption by Purpose (COICOP) divisions that yield the Headline Index.

    “However, the major divisions responsible for accelerating the pace of the increase in the headline index were housing, water, electricity, gas and other fuel, education, food and alcoholic beverages, clothing and foot wear and transportation services.’’

    On a month-on-month basis, the report stated that the Headline index increased by 1.49 per cent in February 2017, 0.48 per cent points higher from the rate of 1.01 per cent recorded in January.

    It stated that the Food Index increased by 18.53 per cent (year-on-year) in February, up by 0.71 per cent points from rate recorded in January (17.82) per cent.

    The report stated that the index was driven by increases in the prices of bread, cereals, meat, fish, potatoes, yams and other tubers and wine.

    It added that the slowest increase in food prices year-on-year was recorded by soft drinks, coffee, tea and cocoa.

    During the month, the report stated the highest year-on-year increases were seen in electricity, liquid and solid fuels, fuels and lubricants for personal transport equipment, clothing materials.

    It stated that other articles of clothing and clothing accessories, books and stationeries also recorded increase.

    Meanwhile, it stated that the Urban index rose by 18.57 per cent year-on-year in February from 20.31 per cent recorded in January.

    It further stated that the Rural Index increased by 16.98 per cent in February from 17.34 per cent in January.

    On month-on-month basis, it stated that the urban index rose by 1.52 per cent in February from 1.03 per cent recorded in January, while the rural index rose by 1.47 per cent in February from 1.00 per cent in January.

    “The Composite Food Index rose by 18.53 per cent in February 2017.

    “The rise in the index was driven by increases in the prices of bread, cereals, meat, fish, potatoes, yams and other tubers, vegetables, wine, milk, cheese and eggs, Sugar, jam, honey, chocolate and confectionery and fruit.’’

    On a month-on-month basis, it stated that the Food sub-index increased by 1.99 per cent in February, up by 0.7 per cent points from 1.29 per cent recorded in January.

    “The average was 16.13 per cent, 0.59 per cent points from the average annual rate of change recorded in January (15.54 per cent).’’

    The News Agency of Nigeria (NAN) reports that CPI measures the average changeover time in prices of goods and services consumed by people for day to-day living.

    The construction of the CPI combines economic theory, sampling and other statistical techniques using data from other surveys to produce a weighted measure of average price changes in the Nigerian economy.

    The weighting occurs to capture the importance of the selected commodities in the entire index

  • Nigeria records 5.7m tonnes of fish in 5 years

    Nigeria records 5.7m tonnes of fish in 5 years

    The National Bureau of Statistics (NBS), on Friday said Nigeria’s fish production was 5.7 million tonnes between 2010 and 2015.

    The statistics is contained in a report on “Nigeria’s Fish Production (2010-2015)’’ released by NBS in Abuja.

    The report stated that 2014 recorded the highest tonnes of fish totaling 1.1 millon tonnes.

    “The second highest tonnes of fish produced were recorded in 2015, while the least were recorded in 2010.

    “Torpedo-shaped catfishes topped other species to record the highest tonnes produced among the species.

    “The highest tonnes of torpedo-shaped catfishes produced were recorded in 2014,’’ the NBS said.

    Similarly, the report stated that the data on fish production by sector revealed that 5 million tonnes of fish were produced between 2011 and 2015.

    It further stated that the second highest tonnes of fish produced by sector were recorded in 2013, while the least were recorded in 2011.

     

  • Inflation rises to 17.6% in August, says NBS

    Inflation rises to 17.6% in August, says NBS

    Annual inflation in Nigeria accelerated to 17.6 per cent in August from 17.1 per cent in July, according to the National Bureau of Statistics (NBS).

    The figure represents a fresh 11-year high and the seventh monthly increase in a row, as the crisis in the economy deepens.

    The rise from 17.1 per cent in July reflected higher prices for electricity, gas, transport and food, a separate index for which rose to 16.4 per cent from July’s 15.8 per cent, it said.

    “During the month, the highest increases were seen in solid fuels, vehicles parts, books and stationeries and clothing,” the NBS said in a statement.

    The NBS said: “In August the Consumer Price Index (CPI) which measures inflation increased by 17.6% (year-on-year), 0.5% points higher from the rate recorded in July (17.1%).

    “Increases were recorded in all COICOP (Classification of Individual Consumption by Purpose) divisions which contribute to the Headline index reflecting higher prices across the board.

    “The major divisions responsible for accelerating the pace of the increase in the headline index were Housing, Water, Electricity, Gas and Other Fuel, Education and Transportation Services,” the report stated.

    According to the NBS, the trend of rising inflation is clearly discernible in both urban and rural areas of Nigeria even though the pace slowed down a bit between July and August this year.

    “Urban and Rural Prices continued to rise in the month of August.

    “The Urban index increased by 19.3 percent (year-on-year) in August from 18.9 percent recorded in July, while the Rural index increased by 16.1 percent in August from 15.5 percent in July.

    “On a month-on-month basis, both Urban and Rural index increased at a slower pace, as Urban index rose by 0.9 percent in August from 1.4 percent in July, while the Rural index rose by 1.09 percent from 1.12 percent in July.

    The NBS report particularly notes that the increasing prices of food items and energy aided the rise in inflation.

    “Imported Food items as well as other necessary inputs to producing key local staples such as bread continue to drive the food index higher.

    “The food index increased by 16.4 percent (year-on-year), 0.6 percent points higher from rates recorded in July.

    “The highest price increases were recorded in Meat, Fish, and Bread & Cereals groups.

    “On a month-on-month basis, the Food sub-index increased at the same pace for two months at 1.2 percent.

    “The average annual rate of change of the Food sub-index for the twelve-month period ending in August 2016 over the previous twelve-month average was 12.7 percent, 0.5 percent points from the average annual rate of change recorded in July (12.2 percent).

    The economy slid into recession for the first time in more than 20 years, largely due to the impact of low oil prices.

    Crude oil sales account for 70 per cent of government revenue.

    These problems have been exacerbated by a spate of attacks since the start of the year that have cut oil production by around 700,000 bpd from 2.1 million barrels per day (bpd) at the start of the year.

    Inflation is expected to slow next year, however, and economists polled by Reuters predict the central bank will keep its focus on resuscitating the economy and hold interest rates at 14 percent when policymakers meet next week.

  • Presidency: GDP figures better than IMF estimates

    Presidency: GDP figures better than IMF estimates

    The Presidency on Wednesday said that the just released Gross Domestic Products (GDP) figures for the 2016 second quarter by the National Bureau of Statistics (NBS) despite showing temporary decline is a hopeful expectation in the country’s economic trajectory.

    The Special Adviser to the President on Economic Matters, Dr. Adeyemi Dipeolu made the remarks while speaking on the latest NBS report in a statement issued by the Senior Special Assistant on Media and Publicity, Laolu Akande.

    Apart from the growth recorded in the agriculture and solid mineral sectors, he said that the Nigerian economy in response to the policies of the Buhari presidency is also doing better than what the IMF had estimated with clear indications that the second half of the year would be even much better.

    According to him, the Buhari presidency will continue to work diligently on the economy and engage with all stakeholders  to ensure that beneficial policy initiatives are actively pursued and the dividends delivered to the Nigerian people.

    He said: “The just recently released data from the National Bureau of Statistics showed that Gross Domestic Product declined by -2.06% in the second quarter of 2016 on a year-on-year basis.

    “A close look at the data shows that this outcome was mostly due to a sharp contraction in the oil sector due to huge losses of crude oil production as a result of vandalisation and sabotage.

    “However, the rest of the Q2 data is beginning to tell a different story.  There was growth in the agricultural and solid minerals sectors which are the areas in which the Federal Government has placed particular priority.

    “Agriculture grew by 4.53% in the second quarter of 2016 as compared with 3.09% in the first quarter.  The metal ores sector showed similar performance with coal mining, quarrying and other minerals also showing positive growth of over 2.5%.  Notably also, the share of investments in GDP increased to its highest levels since 2010, growing to about 17% of Gross Domestic Product,” he said

    Despite the manufacturing sector not yet out of the woods,  he said that it is beginning to show signs of recovery.

    He said: “Nevertheless, the data already shows a reduction in imports and an increase in local produced goods and services and this process will be maintained although it will start off slowly in these initial stages before picking up later.

    “The inflation rate remains high but the good news is that the month-on-month rate of increase has fallen continuously over the past three months.
    “Unemployment remains stubbornly high which is usually the case during growth slowdowns and for reasons of a structural nature.

    “The picture that emerges, barring unforeseen shocks, is that the areas given priority by the Federal Government are beginning to respond with understandable time lags to policy initiatives.  Indeed, as the emphasis on capital expenditure begins to yield results and the investment/GDP numbers increase, the growth rate of the Nigerian economy is likely to improve further.

    “As these trends continue, the outlook for the rest of the year is that the Nigerian economy will beat the IMF prediction of -1.8% for the full year 2016.

    “The IMF had forecasted a growth of -1.8% for 2016, however the economy is performing better than the IMF estimates so far. For the half year it stands at -1.23% compared to an average of -1.80% expected on average by the IMF.

    “What is more, it is likely the second half will be better than the first half of 2016. This is because many of the challenges faced in the first half either no longer exist or have eased,” he said.

  • Nigerian economy, not in confusion – Finance Minister

    Nigerian economy, not in confusion – Finance Minister

    The Minister of Finance, Kemi Adeosun, on Wednesday declared that the Nigerian economy is not in confusion.

    Noting that the Nigeria economy has been heading to recession in the past six years, she however said that the economy is presently in the right hands.

    She spoke with State House correspondents at the end of the Federal Executive Council (FEC) meeting presided by President Muhammadu Buhari.

    Adeosun was accompanied to the briefing by the Ministers of Agriculture, Audu Ogbeh; Mines and Steel Development, Kayode Fayemi; Information, Lai Mohammed and Education, Adamu Adamu.

    Responding to questions on the new economic statistics released by the National Bureau of Statistics (NBS), she said: “It’s the worst possible time for us. Are we confused? Absolutely not. How are we going to get ourselves out of this recession. One, we must make sure that we diversify our economy. There are too many of us to keep on relying on oil.

    “We can see what happened at the output data of the oil and gas sector. What’s happening in the Niger delta has dragged down the GDP of the entire economy. We’re too dependent on oil whereas 87 percent of our GDP is oil. So let us drive those other areas

    “We have to invest in capital projects. No, we are not confused, the time is confusing but we are not confused. We are extremely focused. We know that if we can just bare and get through this difficult period, Nigeria is going to be better for it.

    “If we rely on oil and the price of oil remains low and the quantity of oil remains low, we can’t grow. We have to grow our non-oil economy. I think we that we have a long way to go.

    “We’re not confused and we’re not deceiving ourselves that everything is rosy. It’s not. It’s a difficult time for Nigeria but I think Nigeria is in the right hands and if we can stick with our strategy. We still have some adjustments to make. I think we need to make some adjustments in monetary policy. It’s quite clear we do and we will do that. We’re working on that. We need to try and find a way to support the manufacturing sector better and we will do that.” She added

    She pointed out that the high inflation rate in the country is cost-pushed.

    “And when you have cost-push inflation, it is structural inflation. It is not going to respond to monetary policy tools such as increasing the rate of interest. We have to address the structural causes of the inflation,” she said

    But, she however said that the high rate of inflation has slowed down, which is a good sign for the economy.
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    ‎According to her, the FEC on Wednesday approved external three-year rolling borrowing plan.

    The plan, she said, will be transmitted to the National Assembly for the approval.

    She said: “Recall when we came in we said our external borrowings strategy will be focused on confessional debts, low cost loans particularly from the multi-lateral agencies‎.”

    The conditions of the borrowing, she said, included concessional loans average interest rates‎ 1.25 per cent, four to seven year moratorium, and 20 years to pay.

    According to her, the loans will come from agencies like the World Bank, African Development Bank, China Exim Bank, and other development agencies like Japanese International Cooperation Agency (JICA)

    She added: “The sectors in particular that‎ these concessional loans will go to are the strategic sectors of the economy that will help to revive the economy. ‎There is Power. Significant amount of money are located to power projects particularly transmission. This is long term money that will enable us solve some of the problems in that sector.

    “There are projects around polio. There are some money that have been allocated to us to help us do some massive immunization, in order to control this recent outbreak. This is being provided by the World Bank.

    “There is provision for solid minerals and of course I’m very excited about the discovery of nickel. World Bank is supporting the project by the Ministry of Mines and Steel with $150 million to enable them strengthen their capacity in that area.

    “The largest beneficiary of our borrowing is agriculture because its equally strategic and we have programmes by the minister some of which he inherited and is going to restructure and reform and some are new to the ministry.

    “The balance will come from the Eurobond we had indicated.” She said.

    According to her, the FEC sent a strong signal on the need to reach out to the National Assembly to get the borrowing plan approved as soon as possible.

    “Because a lot of this money is for developmental projects. We need this money to be made available for us. Remember these are foreign exchange coming to our country that will help our economy.” She added

    Fayemi disclosed that the Council approved a new roadmap for mining to boost the growth and development of the industry.‎‎

    He said: “What the roadmap seeks to do is to grow the contribution of mining to the GDP on the back of the President’s vision to diversify the economy.  It is to build on the old roadmap of 2012.

    “What distinguishes this roadmap is its determination to build a regulatory agency – an independent regulatory agency in the mining sector. Stakeholders have been insisting that the ministry should not also be the regulator of the industry. ‎

    “We will now have Mining cadastral zonal offices which issue the licenses together with the mining inspecting directorate, mining environment compliance unit as well as the nautical mining units. These are directorate within the ministry but will form part of the independent regulatory agency.

    “The second point that is very critical is the ‎partnership with states. One of the challenges in mining is the tension between the federal government and the states. ‎The Federal Government owns the minerals in the sole but the states government owns the land. ‎

    He stressed that there won’t be any headway without a robust partnership between the two critical components of mining, adding that mining has not been thriving because of the tension between the Federal Government and states.‎‎

    “In this regard, minning cadastrail and zonal offices will also be created in the states to work on this.” He added

    He said that the roadmap is to also change the name of the Ministry from Ministry of Solid Minerals Development ‎to Ministry of Mines and Steel Development in line with glob‎al standard.

    The roadmap, he said, will also
    make it easier for foreign direct investment to come into the country by improving on Nigeria’s geo-sciences data.

    “Mining is about science and if you don’t search you won’t find. Council recognizes that and agreed that a lot of money be put into exploration.

    “The roadmap also focuses on financing the industry, the financial institutions don’t know much about mining and have not invested a lot in it‎.

    “One of the ways the President wants to re-energise the sector is to ensure it gives access to the Natural Resource Fund of the Federation Account which is really meant for agriculture, mining and water resources. But mining has never benefited from the fund. This is similar to ecological fund 1.8 per cent of federation.

    “Another focus is to ensure that value‎ addition is gradually being invested to and reduce the manner in which raw minerals are exported from Nigeria. It is to emphasize beneficiation and processing, so that what we produce is also improved upon before we embark on exportation.

    “We also want to ensure it is utilize here, we have granite, Marbel, bitumen yet we import the bulk of those products into Nigeria because processing does not take place here
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    Above all, it focuses ‎to increase the contribution of mining to the GDP of the country. Mining has gradually declined from 4.5 per cent of the GDP at independence to 0.33 per cent of the GDP as at today.

    “Given the new focus we can begin to scale that up again. Within the next decade, it’s readily expected that it will begin to climb up to about five per cent of the nation’s GDP.‎

    ‎”The roadmap gives a sense to how the country is paying attention to mining development which is more of an employment generator and wealth creator unlike oil, which recruits fewer people.

    “We want to upscale it and improve the skills of the people, making access to finance available and making technology available to them,” he stated
    ‎‎

  • Nigeria’s inflation hits 15.6 % in May – NBS

    Nigeria’s inflation hits 15.6 % in May – NBS

    The National Bureau of Statistics (NBS), on Tuesday said the Consumer Price Index (CPI) increased to 15.6 per cent in May from 13. 7 per cent in April.

    A report released by the NBS in Abuja said that the CPI, which measures inflation, recorded a relatively strong increase for the fourth consecutive month.

    The report said that the Headline Index increased to 15.6 per cent year-on-year, which was 1.9 per cent points higher from rates recorded in April (13.7 per cent).

    “The increase in rates in May relative to April reflects an overall increase in general price level across the economy as all divisions which contribute to the Headline Index increased at a faster pace in May.

    “ Year on year, electricity rates as well as other energy prices continue to manifest as key drivers of the Core component of the CPI.

    “The Core sub-index increased to 15.1 per cent in May, up by 1.7 per cent points from rates recorded in the previous month.

    “During the month, the highest increases were seen in the passenger transport by road, Liquid Fuel (kerosene), fuels and Lubricants for Personal Transport Equipment (Premium Motor Spirit) and Vehicle Spare Part groups,’’ it said.

    The report said that imported foods as well as a drawdown of inventories across the country continued to push food prices higher.

    It said that the Food Sub Index increased to 14.9 per cent in May, up by 1.7 per cent points from rates recorded in April.

    The report said that the food sub index increased as all major food groups which contributed to the food sub-index increased at a faster pace.

    “This is driven by higher food prices in fish, bread and cereals, and vegetables groups for the second consecutive month.

    “In addition, the Imported Food Sub-Index increased by 18.6 per cent in May, compared to 2.2 per cent points from rates recorded in April,’’ it said.